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short term capital loss

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government employee
225 Points Joined March 2017
I have short term capital loss on trading share business and long term capital term capital giains which is exempt u/s.10(38). whether the income tax act permit me to set off the Short term capital loss against the long term capital gains on sale of equity shares which is exempt u/s.10(38)?
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On 19 July 2018 at 18:05 Report
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ACA ACMA
582 Points Joined July 2016

In normal cases short term capital loss can be set off against long term capital gain.

 

But here LTCG is exempt under section 10(38) so u cannot set off STC loss against this because there is no taxable LTCG.

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On 19 July 2018 at 18:34
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government employee
225 Points Joined March 2017
sir can you please provide me with a case law
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On 19 July 2018 at 18:42
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12244 Points Joined May 2017
no case laws required.... losses can be set off only aGainst taxable income and not against exempted income
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On 19 July 2018 at 21:09

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